Richard Branson Calls For Brexit Re-Vote: In Business, If You Realize You've Made A Bad Decision, You Change It
Like many other Britons, Virgin Group and Virgin America Inc (NASDAQ: VA) Founder Sir Richard Branson isn't happy about the U.K.'s decision to leave the European Union.
In an interview with ITV’s Piers Morgan, Branson said the Virgin Group had lost approximately 1/3 of its value since last Thursday’s Brexit vote. Moreover, the company was about to do a big deal that would have involved 3,000 jobs, which had to be cancelled.
"And that's happening all over the country," Branson added.
Taking this as an indicator, the businessman warned Britain would fall into a big recession, and called for a re-vote on the Brexit issue, arguing that the public wasn't aware of the dire implications their ballots would have.
"There should be a second referendum, particularly once the terms are known about what our entry into Europe is going to cost us, the public will have all of the facts," Branson stated, making Morgan uncomfortable with his questioning of a democratic election.
However, it looks like the billionaire is more worried about the economy than about democracy. In another interview, he told The Guardian a group of Chinese investors who had put a lot of money down in England said they would not only stop doing so, but they would also withdraw their previous investments.
Talking about how politicians mislead voters, Branson said, "When Brexiters told the public that people were exaggerating there would be a financial meltdown I think it's been proven they were not exaggerating."
"In business, if you realize you've made a bad decision, you change it," Branson concluded, as he called for a second vote on the Brexit.
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